Russia’s state-run arms exporter Rosoboronexport and India’s Goa Shipyard Limited (GSL) will sign the contract in New Delhi to build the Grigorovich-class ‘Project 1135.6’ frigates with technology transfer from Russia.

The picture is used for representational purpose only. (PTI)

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New Delhi: India and Russia are likely to finalise a $500 million contract on Tuesday to build two stealth frigates in Goa that are expected to be delivered by 2027.

According to a Hindustan Times report, Russia’s state-run arms exporter Rosoboronexport and India’s Goa Shipyard Limited (GSL) will sign the contract in New Delhi to build the Grigorovich-class ‘Project 1135.6’ frigates with technology transfer from Russia.

The deal comes just a few weeks after the two countries signed a nearly $1 billion deal to import two other similar warships from Russia, which will be delivered to the Indian Navy by 2022-23.

A government official said the warships being built in India will cost more than $500 million, which is only the upfront value of the deal. “The $500 million is for the foreign content in the vessels including material, design and specialist assistance. The frigates will cost more factoring in the indigenous content. That cost is being worked out,” he said.

GSL is expected to deliver the first frigate in 2026 and the second a year later, a second official added. The frigate deal comes after India signed a `39,000-crore deal with Russia for the supply of S-400 Triumf air defence missile systems on October 5.